♦ Cuts have arrived at Hearst: Cathie Black (left) is "going floor by floor at the Hearst Tower to trim costs and staff positions." [WWD]♦ Lloyd Grove talks to Tina Brown about her new site and the economic climate: "It's pretty scary. It's scary, scary, scary." [Portfolio]♦ The New York Times Co. reported profits fell 51 percent for the quarter amid the drop in advertising sales. Traffic to the Times website, however, is up. [Bloomberg, AP, NYO]

♦ Sumner Redstone says there is "not a chance" he'll sell Viacom or CBS. [WSJ]♦ The World Series dominated ratings last night. [THR/The Live Feed]♦ Legendary designer George Lois isn't all that impressed with the new Esquire. [AdAge]♦ Larry David's Curbed Your Enthusiasm will be back in production in December. [Variety]